The Australian home appliances market offers steady and promising growth, owing to factors, like the rapid rise in the current population, which is leading to the rapid growth of real estate to accommodate the rising population. This is leading to innovation in either new products for the new homes or replacement sales for the existing appliances in the market. The day-to-day changing technology is trying to cope with the dynamic needs of customers.
The high younger customers group prefers product designs, considering the attractiveness the product holds, the ease of operation, automation, and customization it holds, along with the multi-utility of the product.
With the changing environmental conditions, customers also prefer the energy and water-efficient appliances for their homes. By capturing millennials’ interest and understanding their preferences, manufacturers are trying to invest higher amounts in innovation. With rising temperatures across the globe, the effects have started to impact the Australian climate. Additionally, forest fires have become a common occurrence.
The Australia air conditioning market is estimated to grow at a significant growth rate in the next 5-7 year period. Some of the motivating factors of the market include large desert areas in the country which results in heatwaves, which generates a significant need for air conditioning in the country. Moreover, high disposable income in the country is also a major factor due to which people can afford the air conditioning system in the country.
Result of this, the residential sector is expected to have a significant market share during the forecast period. Growing real estate and accelerating industrialization, increasing electricity costs, rise in power consumption by air conditioners is being compensated using energy-efficient air conditioners, thereby, fueling the air conditioners market in the country.
The digital moving world is enhancing the growth of the online sales ratio higher than ever before in this region. The home appliances market in Australia holds a greater scope for online purchases too. The e-commerce penetration, the virtual reality tours, and the online stores offering explains the interest that manufacturers or marketer showing imply the importance that companies are giving to customer satisfaction.
The smart homes concept, increasing popularity for digital connectivity of all the appliances, and AI and IoT functionalities on appliances connected through the internet are key elements that the customers are looking forward to. Diminishing levels water reserves across the world are shaping the market for washing machines with low water utilization.
The Australia air conditioning market is a saturated market, dominated by players like Whirlpool Corporation, Panasonic, Electrolux AB, and LG, with a low chance for newcomers to enter, unless they make a huge change in the products they offer. The market is highly competitive, with many players competing with each other in the way they serve the customer base.